Plastic Recycling Market
REPORT DESCRIPTION
Plastic Recycling Market( Source- Rigid Packaging and Non-rigid Packaging; Material- PET, PP, HDPE, LDPE, PS, PVC, ABS, Nylon, and Polycarbonate; Application- Packaging, Food Contact, Nonfood Contact, Automotive, Construction, Textile, Industrial, and Consumer Goods)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016- 2024
The consumers in the global plastic recycling market lack brand loyalty due to the presence of a large number of players. This aspect has also stiffened the competition in the overall market, states Transparency Market Research. The leading player in the market is Plasgran Ltd., which offers a comprehensive collection of facility that enables smooth sorting and baling and separation and compounding operations. The other players in the market are expected to focus on expanding their businesses to emerging economies for capturing a wider geographical reach. According to the research report, the global plastic recycling market has been valued at US $ 56.8 bn by 2024 as compared to US $ 31.5 bn in 2015. Between the forecast years of 2016 and 2024, the global market is expected to progress at a CAGR of 6.9 %.
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Asia Pacific to Remain Dominant as Consumption of Plastic Rises
On the basis of material, the global plastic recycling market has been segmented into PET, HDPE, PP, LDPE, PVC, PS, and others such as nylon, polycarbonate, and ABS. Of these, HDPE is expected to remain a dominant material segment during the forecast period. In terms of revenue, this segment is projected to expand at a CAGR of 7.4 % between 2016 and 2024. The demand for HDPE is expected to remain high as it is extensively used in residential and packaging applications.
Geographically, the global plastic recycling market is segmented into North America, Europe, the Middle East and Africa, and Latin America. Regionally, Asia Pacific is anticipated to remain dominant in the global market as it is slated to acquire a share of 71.3 % by the end of 2024. The increasing plastic consumption along with increasing pressure of eco-friendly disposal of plastic waste is expected to keep the regional market ahead of the pack.
Transparency Market Research
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